Debt, Debt and More Debt… How to deal with Debt

Everyone loves to spend money, and money that isn’t yours is easier to spend. The lavish lifestyle of hotels, holidays, parties, cars and great food are all good and well until you look at the final bill… that horrible credit card statement. You might not even look at it before throwing it in the bin out of fear of the balance.

Next thing you know debts start to pile up – Credit Cards, Personal Loans, Car Loans, Loans, Debt… It can seem quite overwhelming at times and it becomes very easy to have a love hate relationship with debt. However, it’s very easy to make friends with it and use it to your advantage rather than cutting the cards up.

At Endorphin Wealth, we don’t have a special ‘fix-it’ pill. However, we do have a system which we use to work with our clients to plan out a solution to reduce bad debt, use it to their advantage and get them on track.

1. Budgeting

‘Budget is such a boring word’. But it is a necessary task in understanding where you are financially. Understanding the intricacies of your weekly, daily and yearly spending habits gives you and your advisor perspective of what can be done better.

You will be able to see exactly how much income you have, what your expenses are, how much savings you allocate, and the picture starts to form. This can be an eye opener for some and a chance to realise, you can make a huge difference to your future with some tweaks of the budget.

2. Analyse

Once this budget is complete, you can see that you may already at maximum saving capacity. However in most cases, there is room to improve.

This is where you can identify where you can cut spending and identify where you can do better.

Once complete, start cutting… 10%? 30% reduction? Each situation is different however you need to be honest with yourself to better your situation.

3. Prioritise your debts

If your goal is to reduce debt, make sure that you try to pay that off first. Whether you do this with a direct debit or a manual payment every month, making sure this is the first thing done means less stress. You are able to go about the rest of your month without having to worry if you will be able to pay it.

4.Back up savings

Paying off your debt is great however, what happens if you do go over budget? That stress is going to come and haunt you if there is no back up. Having a little bit extra surplus savings integrated in your budget means you go from super stressed to your own superhero.

Who knows, you may be able to save up to go on that holiday, contribute to your investment property or buy into the share market and start your investment journey.

5. If you get stuck, get help!

Endorphin Wealth is dedicated to helping people achieve their goals. We have systems, documents and a ecosystem of people who can help solve debt problems, create wealth and set our clients on a path to achieve their own life, financial and personal goals.

For an obligation-free conversation about your financial future, please contact us on 03 9190 8964 or at

The advisors at Endorphin Wealth are passionate about helping people achieve their life goals with great financial planning. We are not licensed or owned by the big banks and financial institutions, so the advice and solutions we provide is always in our client’s best interests.

We have the advantage of being able to access a range of products from different providers to ensure that our clients’ needs are our primary focus. Our offices are located in Sydney and Melbourne, where you can find a financial advisor suitable for you.